Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("schedule") includes the federal grant
activity of Capital University and is presented on the accrual basis of accounting. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements. Because the schedule presents
only a selected portion of the operations of the University, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of the University.
Title: NOTE 3 FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2024, the University distributed $0 in Perkins loans. Cash on hand at year end totaled $199,887.
Loans outstanding at June 30, 2024, including the portion distributed from University funds, totaled
$230,330. Loans outstanding at the beginning of the year and cash on hand are included in the federal
expenditures presented in the schedule.
Title: NOTE 4 FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University originates but does not provide funding for Federal Direct Loans ("FDSLs").The amount
presented represents the value of new FDSLs awarded by the government during the year.
Title: NOTE 5 NURSING STUDENT LOANS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2024, the University distributed $67,500 in Nursing Student Loans, which included $0 of new federal
funds. Cash on hand at year end totaled $126,008. Loans outstanding at June 30, 2024, including the
portion distributed from University funds, totaled $446,100. Loans outstanding at the beginning of the year,
loans made during the year, and cash on hand are included in the federal expenditures presented in the
schedule.
Title: NOTE 6 NURSING FACULTY LOANS
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2024, the University distributed $25,630 in Nursing Faculty Loans, which included $0 of new federal
funds. Cash on hand at year end totaled $600,689. Loans outstanding at June 30, 2024, including the
portion distributed from University funds, totaled $203,518. Loans outstanding at the beginning of the year,
loans made during the year, and cash on hand are included in the federal expenditures presented in the
schedule.